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AngloGold receives payment from Tanami Gold in Western Tanami Project sale
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| Monday, January 19, 2004 |
AngloGold Australia Ltd is pleased to announce that it has received payment from Tanami Gold NL as consideration for Tanami Gold's purchase of the Western Tanami Project.
Tanami Gold has made a cash payment of A$3.75 million and issued 25 million fully paid ordinary shares to AngloGold Australia to complete the transaction. This follows an initial payment of A$250,000 when the companies signed a Heads of Agreement on November 24, 2003. AngloGold Australia is now Tanami Gold's largest shareholder with 10.25% of the company's ordinary shares.
Under the terms of the agreement, Tanami Gold will make a further payment of A$5 million within 120 days of Friday, January 16, 2004. The company has also agreed to the payment of a royalty to AngloGold Australia.
The Western Tanami Project, located in the Tanami Desert in Western Australia, includes the Coyote deposit where Tanami Gold is currently undertaking a detailed review of all technical data and an inspection of drill core with a view to starting a drilling program in the March 2004 quarter. |
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